QUESTION Explain product, product line, and product mix. What will be an ideal response? ANSWER Answer: A product is a good (which is tangible) or a service (which is intangible) that can satisfy customer needs. A product line is a collection of products designed for a similar market or that are physically similar. A […]
QUESTION Apple benefits from the beliefs of its “true believers” in all of the following ways EXCEPT: A) They are likely to resist the marketing efforts of Apple’s competitors. B) They have lower expectations than other customers, which makes them easier to satisfy. C) They are likely to continue to buy products from existing Apple […]
QUESTION What was the marketing concept era (1950s to 1990s) about? What will be an ideal response? ANSWER Answer: The marketing concept era focused on a three-part marketing concept: (1) Customer satisfaction: “We need to give buyers what they expect from us.” (2) Focus on service: “Everyone, from CEO to stock clerk, should focus […]
QUESTION For the purposes of marketing categories, consumers fall into five segments, or groups. Name them and give a brief description of each. What will be an ideal response? ANSWER Answer: (1) geographic segmentation: dividing the market by location; (2) demographic segmentation: dividing the market by age, gender, income, and so on; (3) psychographic […]
QUESTION Name and describe the three categories into which business markets can be classified. What will be an ideal response? ANSWER Answer: (1) geographic segmentation: dividing the market by location; (2) customer-based segmentation: dividing the market by customer characteristics; and (3) product-use-based segmentation: dividing the market by customer use of the product Explanation: (1) […]
QUESTION Define one-to-one marketing. Give a scenario as an example. What will be an ideal response? ANSWER Answer: One-to-one marketing consists of reducing market segmentation to the smallest part—individual customers. Sample scenario: A mail-order company keeps track of the products every customer looks at on its Web site and every product each customer purchases. […]
QUESTION Which of the five steps in the consumer buying process is likely to be most affected by a recession? A) problem recognition B) information search C) evaluating alternatives D) purchase decision E) postpurchase evaluation ANSWER Answer: D Explanation: D) Purchase decision: I’ll choose this one or not choose at all. Consumers may choose […]
QUESTION Consider the following statement: “People born between 1981 and 2000 are found to be optimistic, civically engaged, self-confident, team-oriented, close to parents, and technologically focused. People born between 1925 and 1945 are friendly, professional, and conciliating and trust credentialed expertise.” There are seven outside forces that can influence the success of marketing programs. Which […]
QUESTION Consider the following statement: “Subsidies for green power—solar, wind, wave action, geothermal, biomass, and the like—result from the actions of elected and appointed government officials.” There are seven outside forces that can influence the success of marketing programs. Which one does this example describe? A) political forces B) legal and regulatory forces C) competitive […]
QUESTION Consider the following statement: “Goldwind USA is a Chinese-owned company that makes wind turbines for the United States. Some say the firm should be welcomed to the United States because it creates green jobs and speeds the adoption of renewable energy in this country. Others see it as a threat to American workers and […]
